Home Point Financial Mortgage Review

About Home Point Financial Corporation

Home Point Financial Corporation

Home Point Financial is a national top twenty mortgage lender focused on mortgage origination and servicing. Headquartered in Ann Arbor, Michigan, Home Point Financial operates in nearly 50 states and is dedicated to providing quality and consistency with every transaction. Our operating philosophy can be described very simply – We Care – with a mission to provide a superior customer experience through our innovative approach to product and service delivery.

review breakdown

Recommended
95%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

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What is Home Point Financial?

Home Point Financial was founded in 2015 and is headquartered in Ann Arbor, Mich. The company has grown substantially since it was founded. Total loan volume in 2017 was more than $9 billion, according to the Scotsman Guide.


Working with Home Point Financial

Home Point Financial is currently licensed in all 50 U.S. states and Washington, D.C.

The application process with Home Point Financial is mostly digital. After providing some basic information via an online application, a mortgage advisor contacts the borrower by phone or email to review loan options.

The minimum credit score required for a mortgage with Home Point Financial depends on the loan program. The lender looks for a minimum credit score of 580 for FHA and VA loans, 620 for conventional and USDA loans, and 661 for jumbo loans.

Borrowers with lower credit scores who have other compensating factors that make them a good candidate for a loan could still be eligible, as Home Point Financial does offer manual underwriting.

Home Point Financial lends on the following types of properties:

  • Single-family homes
  • Multi-family homes
  • Condominiums
  • Townhomes
  • Modular homes
  • Planned-unit developments (PUDs)

The company does not lend on the following types of properties:

  • Co-ops
  • Manufactured homes
  • Log homes
  • Unique properties
  • Farms or hobby farms
  • Mixed-use property
  • Condotels or condo hotels
  • Properties subject to rent control

Home Point Financial products

Home Point Financial offers a variety of loan programs for purchasing or refinancing a home or tapping into a home’s equity.

Purchase

Refinance

Home equity

Home Point Financial special mortgage programs

Home Point Financial’s Home Point Edge program is designed to help borrowers who might have a difficult time getting approved for a mortgage, including those who are self-employed or have had some credit issues.

The program currently has two tiers:

Tier 1:

  • Borrow up to $1.5 million with a 5% down payment
  • Minimum credit score of 660

Tier 2:

  • Borrow up to $1.5 million with a 10% down payment
  • Minimum credit score of 620
  • At least one year must have passed since a housing or credit event, such as a foreclosure or bankruptcy

The mortgage application process

How to apply. You can start the loan application process online by creating an account and providing some basic information about yourself, your assets and income, and the type of property you’re interested in buying or refinancing.
Disclosure process. The online account you set up to begin the application process is also a portal for communicating with your mortgage advisor. Once you complete an application, you can sign disclosures and upload supporting documents via the portal. A Home Point Financial mortgage advisor will run your credit and work with you to decide on the best loan program for your situation.
Submitting loan for approval. Once you’ve decided on a loan program, your application and supporting documents will move on to an underwriter who will verify the information included in your application and may request additional documentation.
Final approval. Once your Home Point Financial mortgage advisor receives your appraisal, he or she finalizes approval.
Closing. Your mortgage advisor will work with you to select the closing time and place. Depending on the laws in the state where you live, this may take place at your real estate agent’s office, the title company or an attorney’s office.

Communication during the process

Initial contact. A mortgage advisor will start the application process and help you decide on a loan program suited for your situation.
Underwriting. Once you complete your application and select a loan program, an underwriter may reach out to you to request additional documentation to verify your income, assets and debt. Throughout the process, you can check on the status of your loan and review and sign documents through your customer portal.


Pros and cons of a Home Point Financial mortgage

Pros:

  • A wide variety of loan products. Home Point Financial offers a variety of loan programs designed to meet the needs of a wide range of homebuyers.
  • Website. The Home Point Financial website allows borrowers to start the application process online, research loan programs and read more about homebuying and the loan application and closing process. The site also features calculators to help you determine how much home you can afford.
  • Flexible qualifying guidelines. The Home Point Edge program has flexible requirements for borrowers who are self-employed or have credit issues.
  • Convenient customer portal. Borrowers can send and receive documents via an online portal.
  • Rewards program. Borrowers who sign up for the Home Point Rewards program to be matched with a local real estate agent and mortgage loan officer can receive up to $6,500 in cash back in some states after buying or selling a home.

Cons:

  • Website lacks information on current interest rates.
  • Co-ops, manufactured homes and condo-hotels cannot be financed.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.

The information in this article is accurate as of the date of publishing.